No, I don’t mean the stereotype of the man in the background watching one of his prostitutes work a “john” for money, then collecting the money from her after she’s received it……or do I? Let’s see, pimps exploit opportunities for their own financial gain, so maybe I do mean that kind of pimp!
Specifically, I’m talking about can you create a “Plan to Induce More Pay” from your job offer – do you know how to negotiate for more compensation? Let’s face it, the new mantra for getting a significant bump on the job is to leave your employer for a new one! I remember coming out of college and receiving 6-9% raises every 9 months, but we all know those days are loooong gone. Just a few short years ago, the average raise was 3-4%, and now that’s even down to 1.5-2.5%. Ouch!
With the costs of living constantly increasing, how are you supposed to get ahead? If you decide to look for greener pastures elsewhere with your career, one way is by being a savvy negotiator. Many people know to do this, but fewer know how. If you learn and apply the art of good negotiating, it can bring you an increase of 5-50% above what you may have already received. Here are a few tips to help you:
Take Inventory of Your Tangible Assets
What value-added, relevant skills do you offer that an employer would find attractive. Do you possess certain licenses or certifications? Do you have budget and people management experience? Can you speak a foreign language? You want to consider all of those things that make you uniquely marketable and qualified for the position you are pursuing. Avoid highlighting skills such as “team player,” “hard worker,” or “enjoys working with people.” Boring!
Understand the Going Rate in Your Market
It’s important to understand what others in your field, at your level and in your market are making. This will allow you to determine if you are underpaid, overpaid or somewhere in the middle. Most companies use a variety of resources to determine the wages they pay for positions, but two good places for you to start your research are on the www.Salary.com Salary Wizard and www.Glassdoor.com. Both can give you an idea of the types of salaries being paid in your area.
Determine Your Acceptable Salary Minimum
Since you have no guarantee of what salary will be offered to you, it’s best to establish a minimum salary that you are willing to accept prior to beginning a negotiation. For each person, this will vary because it’s based on factors that are important to you – financial need, scope of the role, how in-demand you are in the marketplace, etc. Whatever your criteria are for your minimum, it’s best to know this ahead of time.
Understand the Scope of the Job
By having a good understanding of the demands that will be placed on you, this will allow you to mention certain aspects of the role during your negotiation. For instance, if you currently manage a team of five people but will manage 15 people in your new role, you can use this as leverage to negotiate.
Overcome Any Fear, Doubt, or Unbelief
If you aren’t convinced that you deserve more, it will be difficult to convince others. Or, if you’re nervous about asking for more, oftentimes it will show and can negatively impact your efforts. Spend time focusing on why you believe you deserve more in order to convince you that you deserve it before trying to convince someone else.
Reinforce Your Interest in the Position and Organization
As you begin the negotiation discussion, the first thing you should do is reinforce your interest in the position and organization. This will let the employer know that there’s a reason they should be willing to offer you more – you want the job! As their top candidate, employers want to know that you want them as much as they want you. Once they know this, it allows them to let their guard down more to consider what it is you’re asking.
Be Prepared for “No”
Most employers won’t be that harsh with their response, but there are times when a company is unwilling to accept your counter offer and will or must take a, “Take it or leave it” position. As you are preparing for your negotiation, it’s important to determine how you will respond if the company is unwilling to offer more.
As James Kurass said, “You don’t get what you deserve, you get what you negotiate.”
I’d love to read your thoughts on this – please share them with me here (constructive, please!).
Until next time….